Charlotte NC Home Buyers--Don't Let Limited Funds Keep You from Your Dream Home
Charlotte NC Home Buyers--Don’t Let Limited Funds Keep You from
Your Dream Home
Are you a frustrated Charlotte NC home buyer? You would
like to purchase that cute little cottage down the street. But your bank
account isn’t overflowing with extra cash. You may be feeling that you are shut
out of your homeownership dreams.
Take heart. There may be a way for you to become a happy homeowner despite
your lack of funds.
I work with many Charlotte
NC home buyers who have limited funds. They may have enough money
for a down payment but not enough to pay their loan closing costs. Or both the
down payment and the closing costs are out of their reach.
This series of posts will offer some ideas to help you solve the problem of
limited funds and achieve your dreams.
Problem: Lack of Funds for a Down Payment
Find a loan program that doesn’t require a down payment.
This was easy to do until the financial collapse. Now 100% financing programs
are not so common but there are still some left.
- If you are a veteran, you may be eligible for 100% financing through a VA
loan.
- A USDA loan with 100% financing may work for you if you are purchasing a
home in a rural area. Learn more about USDA
loans here.
- If you are a first time home buyer, the North Carolina bond program with its
down payment assistance may be a fit for you.
Get gift funds from a relative.
- FHA financing allows a borrower to receive gift funds from a close
relative. The down payment requirement for FHA is 3.5% of the contract sales
price. You can get gift funds for all of your down payment.
- Conventional loans also allow gift funds but only with documentation that
the borrower’s account has 5% of the purchase price in the borrower’s own
money.
Want to know more about 100% financing in Charlotte NC?
Click
here to contact me about your eligibility for one of these
loans.
Copyright 2011. Carol Fox. Allen Tate Realtors. *Charlotte NC Home
Buyers—Don’t Let Limited Funds Keep You From Your Dream Home*